Ann: Trading Halt, page-10

https://www.upstreamonline.com/field-development/project-breakthrough-imminent-on-timor-leste-offshore-discoveries/2-1-1831838?zephr_sso_ott=zHpS6g

The Australian company developing the Kuda-Tasi and Jahal oil project offshore Timor-Leste expects to reveal imminently an alliance agreement and an acceleration of the front-end engineering and design work.

Finder Energy said in an announcement to the Australian Stock Exchange that it had requested a share trading halt "to allow the company to manage its continuous disclosure obligations pending an announcement relating to a development alliance agreement and acceleration of FEED for the Kuda Tasi and Jahal development project".

Finder acquired acquired its 76% operated interest in Block PSC 19-11 last August from Italian major Eni and Japan's Inpex.

Timor-Leste's national oil company Timor GAP holds the remaining 24% in the acreage.

The asset includes the existing Kuda-Tasi, Jahal, Krill and Squilla oil discoveries, and Finder has been able to move quite rapidly because previous exploration and appraisal drilling had derisked any technical reservoir issues.

Kuda-Tasi and Jahal have a gross best estimate contingent resource of 22 million barrels of oil while Krill and Squilla contain 23 million barrels, according to Finder.The development concept is based on a leased floating production, storage and offloading vessel connected via a subsea production system to the Kuda-Tasi and Jahal fields; the Krill and Squila discoveries will be in a subsequent phase.

No pipeline infrastructure is required.

Finder has been working to identify an existing FPSO to redeploy on the project, and Upstream's market sources have long highlighted that the Glas Dowr FPSO, which is owned by Bluewater, is high on the list.

The Glas Dowr has been idle for some years; coincidentally, its last assignment was in Timor-Leste on the Kitan oilfield that was operated by Eni.

In its recent quarterly results, Bluewater indicated it had submitted a FEED proposal for a Far East development for the Glas Dowr.

A company executive said that if the project goes ahead "we are very well positioned to have the project awarded. However, we cannot give any indications whether the client will approve the investment. So we have to wait and see. But we do recognise there is no competition in this development".